Too bad bloggers cannot run the Fed. At least we have changed the conversation so that the Fed is talking about NGDP targeting.

P.S. A note to those bloggers who want the central bank to target repo rates. If a central bank successfully adopts a NGDP level target, then many of the problems surrounding repos and interbank lending would disappear.

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Richard has published papers on wages policy, the taxation of financial arrangements and macroeconomic issues in Pacific island countries. Views expressed in these articles are his own and may not be shared by his employing agency. He is the author of How to Solve the European Economic Crisis: Challenging orthodoxy and creating new policy paradigms

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